Results 3,281-3,300 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael D'Arcy: The EBS increased commercial and development lending in the period from 2003 onwards. Did the board understand exactly what they were getting into at that stage?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael D'Arcy: Well, you're allowed speculate.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael D'Arcy: And do you think they were aware of the, the dangers that were attached to competition in that sector, was very-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael D'Arcy: And were the skillsets ... do you think the skillsets were available within EBS?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael D'Arcy: Were you surprised when the new CEO, Fergus Murphy, changed the direction when he joined EBS?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael D'Arcy: Okay. Thank you, Chairman.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Thank you, gentlemen. In 2007, the Fine Gael manifesto also called for tax cuts and additional public expenditure in many areas, for example, the extension of medical cards-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Can you restart the clock, Chairman?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Only six minutes. In the Fine Gael manifesto of 2007, it called for tax cuts and additional public expenditure in many areas. An example is the extension of medical cards. Can you explain how your expenditure policies would have been less pro-cyclical than the Government's? Let's start with Mr. Bruton.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Taoiseach, you mentioned about the '97 election, the expenditure by the State in 2000, or in 1997, was €18.8 billion. A decade, 11 years later, it was €63 billion. Again, a similar question to the 2007 Fine Gael manifesto: what were the specific policies that you were advocating, that Fine Gael were advocating, to lower expenditure in a period, in that decade, where it had...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: You're talking about growing the economy and it bringing in additional moneys. What I'm asking you were, in terms of the '07 Fine Gael manifesto, were there specific policies that you were advocating to lower expenditure? An example in that same decade or period, the public sector pay bill went from €8 billion to €18 billion. Were you, or did you advocate policies to reduce...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Taoiseach, on page three of your witness statement, the first bullet point, you state: "Significant tax incentives were introduced - and subsequently extended beyond the lifespan originally agreed - for property investment ... hotels ... holiday camps, holiday cottages". You were the Minister for Tourism and Trade when a pilot programme was introduced, it became known as the seaside resort....
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Just very briefly-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: In a question to Minister Brian Lenihan dated 11 November 2008, the Minister says: At the time of publication the estimated output of self catering resorts was between 5000 and 6000 units. However, the report also stated ... the scheme did not contribute, in any significant way to the achievement of a key tourism objective [for] “the attraction of overseas tourists” but...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: I am, Chairman, moved ... but it's relevant to the overall point-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: -----how it moved from a pilot without obvious analysis to a cost to the State of €319 million without then subsequent analysis.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: I mean how the business of State is done, doesn't look great in that circumstance, Taoiseach.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Thank you, Chairman. Tánaiste and Mr. Rabbitte, you're welcome. It's a question for both and I'm going to start with yourself, Tánaiste, please. During the period of '02 to '07, what concerns did you have about the rate of growth of the domestic Irish banks? In evidence we've received to date, AIB, Bank of Ireland and Anglo from '01 to '08, the period in question, grew in the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Deputy Rabbitte, to follow on from that question can I ask if you or the Tánaiste had any knowledge of the commercial real estate sector? Putting it into context, on the night of the bank guarantee in question, Anglo Irish Bank, purely a monoline bank, 82% commercial real estate, 1% residential and while all the conversation to date has been upon residential, and then the remaining 17%...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Michael D'Arcy: Tánaiste.